https://www.taxtmi.com/caselaws?id=18222 The court upheld the validity of sections 234A, 234B, and 234C of the Income-tax Act, 1961, stating they are compensatory and not unconstitutional. The provisions aim to simplify the tax system, ensure timely payments, and compensate the government for revenue loss due to delays. However, the court found the Central Board of Direct Taxes' rejection of waiver of interest improper and directed a reconsideration based on the merits, emphasizing the Board's authority to grant relief in cases of genuine hardship. en-us Mon, 27 May 1996 00:00:00 +0530 Tue, 29 Sep 2009 15:38:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18222 The court upheld the validity of sections 234A, 234B, and 234C of the Income-tax Act, 1961, stating they are compensatory and not unconstitutional. The provisions aim to simplify the tax system, ensure timely payments, and compensate the government for revenue loss due to delays. However, the court found the Central Board of Direct Taxes' rejection of waiver of interest improper and directed a reconsideration based on the merits, emphasizing the Board's authority to grant relief in cases of genuine hardship. Case-Laws Income Tax Mon, 27 May 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18222